Newfoundland and Labrador is reporting a brightening financial picture in a stay-the-course budget that doesn't follow through on previously planned spending reductions.
"A budget is about choice," Finance Minister Siobhan Coady said in her budget speech Thursday afternoon in the House of Assembly in St. John's.That choice includes some measures to assist residents struggling with inflation and cost-of-living pressures, along with new tax credits to boost targeted industries.
Those include a new green technology tax credit, a manufacturing and processing investment tax credit to aid sectors like the fishery, farming and forestry, and a film and video production tax credit.But that change is less dramatic than what previous announcements had foreshadowed could be in the works.
At the time, officials indicated that up to half a billion dollars of the planned reduction was structural.Last year, the province projected that expenses would drop from more than $9.3 billion in 2021-22 to under $8.5 billion in 2022-23.But now the province is projecting expenses of more than $9.4 billion in the coming year.
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